Updated
Tax and Financial Reporting for New Haven Practice Owners
Keep business equipment records ready for the city
New Haven’s personal property process covers business assets, including equipment and fixtures. Keep a current list of purchases, disposals, locations, and leased items, and review the applicable declaration with the Assessor. A federal depreciation schedule is a starting point, but it may omit fully depreciated equipment still in use or assets the business leases. New Haven personal property tax information.
Evaluate Connecticut’s entity election with the owners
Connecticut’s pass-through entity tax is optional and requires an annual election. Before electing, we review the entity’s Connecticut income, each owner’s residence and tax position, prior payments, and how the owner credits will be reported. The business return and owner projections need to use the same allocation and payment records. Connecticut pass-through entity tax guidance.
Explain the difference between earnings and available cash
For a practice considering another clinician, partner, or location, we examine receivable aging, write-offs, staffing costs, equipment commitments, and debt service. A monthly cash forecast shows when collections must arrive to support the decision. We also distinguish owner compensation, distributions, and business expenses so the management reports remain useful throughout the year.
How we scope the work
We start with the decision or filing you need to complete, the entities and people involved, and the deadline. After reviewing the available records, we identify missing information and propose the services and deliverables. For ongoing work, we establish a close and filing calendar so bookkeeping, tax projections, and owner reporting use consistent information.
For an audit or other assurance request, bring the lender, grant, board, or regulatory requirement. We confirm the engagement type and applicable professional requirements before accepting the work.
CPA services for New Haven clients
Practice and owner returns
Coordinate Connecticut filings, ownership allocations, and individual payment records.
Practice cash-flow reporting
Review collections, staffing, equipment financing, and the cash available for owner payments.
Ownership and entity planning
Model an ownership change or election before committing to the transaction.
New Haven CPA questions
Does an equipment deduction on my income tax return settle the city property reporting?
No. Income tax depreciation and the city’s personal property declaration serve different purposes. We reconcile the fixed-asset records with what is owned, leased, and located in New Haven, then review the city’s requirements for the applicable assessment year. Keep records for equipment still in use even if its income tax basis is zero.
How do New Haven clients work with KAS?
We provide virtual service through secure document exchange, scheduled video meetings, and electronic signatures. The engagement defines the services, responsibilities, and deadlines; this service area does not represent a walk-in office.